【正文】 rtnership. Again great instincts. ? Early backer Apple, Intel. Likes to keep an eye on his basket: invests only in panies within driving distance of Bay Area. Backs people, not things ? His initial $300,000 investment in Intel is now worth around $600 million. A venture capitalist amp。s a connection between venture capital and musicthat creativity and empathy are skills that transfer to both worlds. Norman Brodsky: invest for fun ? Brodsky, a venture capitalist, no longer invests just for the money but for fun, being part of a new business and the satisfaction he gets from helping entrepreneurs succeed. ? 4 rules of angel investing: 1. Invest in people who want your help, not your money. 2. When possible, go it alone. 3. Take a majority stake until your investment has been repaid. 4. Retain the right to force a payout. ? it39。ll be the majority shareholder Korea Vclist: Chai HyunSuk at KDIFC ? 40 year old, 10 year experience ? 29 hits in 32 atbats in vc investment, successful rate is % ? invest in Dooin, 1 million, million 2 years later. ? Has to be adventurous: when the firm is more stable, you?ve lost a chance to invest. Venture capitalist Chai HyunSuk ? 40 yr old, on the board of Korea Development Investment Finance Corp. (KDIFC) in 1997. ? He has scored 29 hits in 32 atbats in capital investment plays. ? A recent example of Chai39。s venture capital on a higher, more sophisticated plane. Denzil Doyle ? estimates Canada is running a $15 billion trade deficit in hightech products and services, primarily with the . ? The capital gains tax rate is 40. The highest marginal ine tax rate is 50, and three quarters of capital gains are lumped in with ine. The Canadian government would like to create jobs but unwilling to provide tax incentives to attract investment angels. ? prior to 1996 , Canadians could contribute up to $5,000 to venture capital funds and receive a 40 tax credit. now only $3,500 and the tax credit is 30. Young Vclist: Brad Feld ? A sophomore undergraduate at MIT, Feld started to consult for the dentist (the stepfather of his friend?s) and others, flying to California on weekends, at his junior year, he was earning $80,000 consulting between classes ? Feld Technologies was soon acquired by GE Capital. In 1994, Feld himself became a venture capitalist。s bee involved in more than 30 panies ? I think of myself as a seed entrepreneur, Prof. Fred Terman ? In 1938, he persuaded 2 of his students, Bill Hewlett and David Packard, to set up a pany making electronic measuring equipment in a garage ? In the 1950s, HewlettPackard, and others moved into Stanford University39。lets build an entrepreneurial technological centre39。s chip industry found itself outclassed by Japanese petitors. The valley responded by revamping manufacturing operations, outsourcing and diversifying into other areas, particularly puter software The silicon valley 2 ? Since 1992 the valley has been on a roll, adding more than 125,000 jobs and doubling its annual exports to about $40 billion, a fifth of its total output The chief driving force has been software (market $120 BM) ? But Silicon Valley does not live just on chips and software. It includes at least 7 different industries, including biotechnology and environmental science, especially inter. The average wage in these cluster industries is over $60,000 a year, but add value of $114,000 in 1992 ? It took HP nearly 40 years to reach revenues of $1 billion. But Netscape can be there in less than 5years A venture capitalist?s confession ? Making a little bit of money means you39。s value, then sends management out for venture capital fundi